Gold sinks 3%-plus; copper hit after China data

Gold sinks 3%-plus; copper hit after China data

Summary:

  • Gold futures sank another $50 on Monday
  • Prices for industrial metal copper also slumped following economic data from China that fell short of expectations.
  • Gold’s loss is being blamed on Cyprus, because they’re pressuring Cyprus to sell off it’s gold to pay off its debt ($6billion).
  •  Oil prices were also tumbling on Monday as weak China data deepened worries about demand for the commodity.
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Categories: Capital Markets

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